Lynn EDIC buying another downtown building

September 29, 2011
By Chris Stevens/The Daily Item

The Economic Development and Industrial Corp. has plans to buy a boarded-up downtown building and convert it into working artists lofts.

EDIC Director James Cowdell told board members Tuesday that the $140,000 bid he put in for 33 Central Ave. was accepted.

The building was on the market last summer for $189,000 and EDIC Attorney Paul Keating said the building was assessed at $300,000, but Cowdell called that number inflated.

“It’s a complete rehab,” he said. “The roof is gone and there is extensive water damage on the top two floors. It’s been vacant for three years.”

33 Central Ave. in Lynn is seen Wednesday. The Economic Development and Industrial Corp. has plans to buy the boarded-up downtown building and convert it into working artists lofts.
33 Central Ave. in Lynn is seen Wednesday. The Economic Development and Industrial Corp. has plans to buy the boarded-up downtown building and convert it into working artists lofts. (Item Photo / Owen O'Rourke)

 

The building, owned by Zee Mah, is lodged between Columbia Insurance and RawArts, was once home to Arnold’s Stationary, but now sports a large red X on the front door that warns firefighters that the structure is unsafe.

Keating said Mah also owes $43,000 in back taxes and $1,800 in water and sewer fees.

“Obviously that will be paid at the closing,” Cowdell said. “He was about to lose the building and we never would have gotten those taxes back.”

The plan now, Cowdell said, is to take the abandoned building and turn it into artist lofts.

A number of buildings in the downtown area have been turned into loft style apartments, but Cowdell said these apartments would target working artists specifically.

“We’re looking at artists coming to Lynn,” he said. “There is definitely a market for that, there’s a niche.”

Cowdell said they hope to build six or eight units that would combine working studio space with living space.

He said it’s also possible the first floor would house retail shops but he wants to hear the architect’s opinion before making any final decisions.

Board member Ted Smith suggested Cowdell look to hire an architect who has specific experience with building art studio/loft style apartments.

Cowdell said he wants to do that as soon as the deal was finalized.


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